Modi interacts with CEOs and experts of global oil and gas sector
Prime Minister Narendra ModiFile photo

Modi interacts with CEOs and experts of global oil and gas sector

New Delhi, October 21, 2021

Prime Minister Narendra Modi on Wednesday invited the CEOs of global oil and gas companies to partner with India in exploration and development of the sector in the country.

Interacting with the CEOs and experts from the sector via video conferencing, he spoke about the reforms undertaken by the government in the oil and gas sector in the last seven years.

These included reforms in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, he said, adding that such reforms will continue with the goal to make India "Aatmanirbhar" (self-reliant) in the oil & gas sector.

Talking about the oil sector, he said that the focus has shifted from "revenue" to "production" maximization. He also spoke about the need to enhance storage facilities for crude oil.

He also spoke about the rapidly growing natural gas demand in the country. He talked about the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.

Modi said that, since the first such interaction in 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector.

He said that India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation. He invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India.

The interaction was attended by industry leaders from across the world, including Igor Sechin, Chairman & CEO, Rosneft; Amin Nasser, President & CEO, Saudi Aramco; Bernard Looney, CEO, British Petroleum; Daniel Yergin, Vice Chairman, IHS Markit; Olivier Le Peuch, CEO, Schlumberger Limited; Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited; and Anil Agarwal, Chairman, Vedanta Limited, among others.

An official press release said they praised several recent achievements of the government towards improving energy access, energy affordability and energy security. They appreciated the leadership of the Prime Minister towards the transition to cleaner energy in India, through visionary and ambitious goals. They said that India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains. They talked about ensuring sustainable and equitable energy transition, and also gave their inputs and suggestions about further promotion of clean growth and sustainability.

NNN

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